Choosing the best accounting certification for your career will open the doors to many opportunities that you wouldn’t have access to. The right accounting credential will propel your career forward and allow you to increase your job performance, professional position, and compensation.
The problem is that there are so many different certifications for accountants that it can be difficult to understand the differences between them and choose which one is right for you and your career.
Many accounting students and accountants starting their careers think that there is only one option and that’s simply not true. Each accounting designation has a slightly different career focus with its own pros and cons.
Let’s walk through each certification and see which one is right for you and your career.
Compare the Top 10 Accountant Certifications
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Here is a list of the best accounting certifications that you can get to further your accounting or finance career.
- Certified Public Accountant (CPA)
- Chartered Financial Analyst (CFA)
- Certified Management Accountant (CMA)
- Enrolled Agent (EA)
- Certified Internal Auditor (CIA)
- Certified Government Auditing Professional (CGAP)
- Certified Fraud Examiner (CFE)
- Certified Information Systems Auditor (CISA)
- Certified Bank Auditor (CBA)
Before we look at each accounting certification overview, let’s look at their similarities and differences. Below is a chart of each certification exam requirements and license qualifications, so you can compare each.
Certified Public Accountant (CPA)
The certified public accountant (CPA) credential is recognized worldwide for its authority and ethical requirements. Unlike other accounting credentials, there is no single body that grants a CPA license. Instead, each state has the authority to set its own requirements and issue CPA licenses. Thus, the qualifications might changed based on where you want to become certified.
The first step to becoming a CPA is to pass the CPA exam. This four-part test is administered by the AICPA and is the same across all states. It takes most CPA candidates 300-400 hours of studying with a CPA review course to pass the CPA exam. Unlike other professional accounting exams, the CPA exam pass rate is quite low at about 50 percent.
After you pass the exam and complete the work experience requirements, you will be able to apply for your CPA license. When you become a CPA, you will be respected for your skills and knowledge in many different areas of accounting, finance, and business.
The CPA designation is not only the most respected accounting credential in the world, it’s also the most versatile. CPAs work in public accounting, industry accounting, and non-profit accounting as tax accountants, auditors, risk assurance advisors and many other positions.
Aside from preparing for many different career paths, the CPA certification also gives you unique legal privileges that other credentials don’t give you the right to perform. For example, only a licensed CPA can audit a public company and write an opinion on its financial statements. CPAs can also prepare tax returns for clients and represent them in front of the IRS or in court cases.
The CPA license is the gold standard in the accounting profession and enables you to work in just about any field. You can think of this designation as a broad credential that covers the entire accounting industry. All other designations are much more limited in nature.
Chartered Financial Analyst (CFA) Designation
The chartered financial analyst designation is granted by the CFA Institute to candidates who meet the educational qualifications, work experience requirements, and pass the CFA exam. Unlike the CPA, the CFA is much more narrowly focused on finance and investment analysis.
The process to become a CFA is much longer and, some would say, more difficult. The CFA Institute offers different levels of certification with each level becoming increasing difficult to obtain. In addition, the exams are offered less frequently than the CPA exam, so if you fail one exam, you will have to wait longer to retake it. Not including education, it’s not uncommon for candidates to 5-7 years to become level-3 certified. In comparison, the typical timeframe for CPA certification is 1-3 years.
CFAs typically work for hedge funds or investment firms analyzing market trends, managing portfolios, and researching investments. CFAs also tend to land executive roles in companies like CFO or controller because of their excellent analytical skills.
Thus, if you want to start a career in the finance and investment world, you should pursue the CFA certification.
Certified Management Accountant (CMA) Certification
A certified management accountant is a professional who specializes in operational management and accounting. In other words, they are really good at running companies, streamlining operations, and increasing production and manufacturing efficiencies. That is why so many companies hire CMAs for their CFO and COO executive positions.
The Institute of Management Accountants (IMA) grants the CMA certification to candidates who have completed the education qualifications, 2-year work experience requirement, and passed the CMA exam. This exam is much shorter than the CPA exam and much more focused.
In this sense, many people think the CMA is a much easier designation to get, but it doesn’t qualify you for as many different professions. For instance, CMAs can’t audit public companies, write the audit report, or represent clients to the IRS.
The CMA credential is designed to train you to become an expert company manager and diagnosis operational problems and fix them. If you want to run a company instead of doing tax returns and audit reports, this is the designation for you!
Enrolled Agent (EA) Credential
An enrolled agent is an expert tax professional who understands the corporate and individual income tax code in the United States and knows how to apply it.
The enrolled agent certification was established by the IRS as an alternative to the CPA designation for candidates who didn’t meet their state board of accountancy requirements to sit for the exam and become certified. For instance, candidates without accounting degrees won’t be able to become a CPA unless they go back to school.
Thus, the IRS created its own certification focused specifically on the tax code enabling EAs to perform many of the same functions as licensed CPAs. For instance, an EA can represent clients in front of the IRS and sign client tax returns as a paid preparer.
Don’t think this is a shortcut to becoming a CPA, though. EAs have many of the same legal benefits with the IRS as CPAs, but they are much more limited in other areas of accounting.
EAs are not allowed to sign audit reports or be a partner in a public accounting firm. If you want to work in public accounting, this isn’t the right certificate for you. Most firms will require that you get your CPA.
On the other hand, if you want to become an expert in the tax code and start a career in income tax compliance, this is the certification for you.
Certified Internal Auditor (CIA) Certification
The certified internal auditor credential is granted by the Institute of Internal Auditors and shows that you are an expert in auditing procedures, internal controls, internal auditing, and company compliance.
Public companies and larger private companies hire CIAs to help their independent auditors conduct audit procedures, gather information, and generate internal company reports.
In order to become certified, you will need to pass the 6.5-hour 3-section CIA exam and fulfill the educational/work experience requirements.
This certification is narrowly focused on internal auditing and other compliance procedures, so if you are interested in pursuing a career in anything other than that, this might not be right for you.
On the other hand, if you want a career in auditing, it’s definitely worth getting. The IIA states that CIAs make on average $38,000 more annually than their non-certified counterparts. That’s a huge difference and a great career boost!
Certified Government Auditing Professional (CGAP)
The Certified Government Auditing Professional (CGAP) credential is issued by the Institute of Internal Auditors (IIA) and is specifically designed for professionals working in government auditing, oversight, and public sector accountability.
Who Should Pursue the CGAP Certification?
The CGAP is ideal for individuals who work in government auditing agencies, regulatory bodies, internal audit departments of public organizations, and nonprofit institutions. It is particularly useful for auditors responsible for ensuring financial transparency, compliance, and efficiency in public sector operations.
Requirements for CGAP Certification
To earn the CGAP designation, candidates must:
- Hold a bachelor’s degree (or equivalent education/work experience).
- Pass the CGAP exam, which covers:
- Government auditing standards
- Internal controls and risk management
- Government financial management
- Ethical and legal considerations in public auditing
- Adhere to IIA’s Code of Ethics and meet continuing professional education (CPE) requirements.
Benefits of CGAP Certification
- Enhances credibility in government auditing and compliance roles.
- Opens doors to leadership positions in public sector financial oversight.
- Provides expertise in regulatory frameworks and public financial accountability.
Professionals with CGAP certification are highly sought after by government agencies, public financial institutions, and nonprofit organizationsthat require auditors to ensure financial integrity and compliance with public funds.
Certified Fraud Examiner (CFE)
The Certified Fraud Examiner (CFE) credential, issued by the Association of Certified Fraud Examiners (ACFE), is designed for professionals specializing in fraud prevention, detection, and investigation.
Who Should Pursue the CFE Certification?
The CFE designation is highly beneficial for individuals working in forensic accounting, internal auditing, risk management, law enforcement, and corporate fraud investigation. It is ideal for accountants who analyze financial records to detect and prevent fraud in organizations.
Requirements for CFE Certification
To obtain the CFE certification, candidates must:
- Hold a bachelor’s degree (or have professional experience in fraud-related work).
- Pass the CFE Exam, which consists of four sections:
- Financial Transactions and Fraud Schemes
- Law (covering criminal and civil fraud laws)
- Investigation Techniques
- Fraud Prevention and Deterrence
- Have at least two years of professional experience in fraud-related fields (such as auditing, accounting, or law enforcement).
- Maintain CPE credits to retain certification.
Benefits of CFE Certification
- Positions accountants as fraud specialists in high-demand industries.
- Enhances skills in financial crime prevention, forensic accounting, and fraud risk management.
- Increases job opportunities in corporate security, regulatory enforcement, and forensic investigations.
With corporate fraud cases on the rise, CFEs play a critical role in protecting businesses, government agencies, and financial institutions from fraudulent activities.
Certified Information Systems Auditor (CISA)
The Certified Information Systems Auditor (CISA) credential, issued by ISACA (formerly the Information Systems Audit and Control Association), is designed for professionals who audit, control, and secure information systems and IT governance frameworks.
Who Should Pursue the CISA Certification?
CISA is best suited for accountants and auditors working in IT audit, cybersecurity, risk management, and information governance. It is particularly beneficial for professionals involved in financial data security, IT compliance, and technology-driven auditing.
Requirements for CISA Certification
To earn the CISA designation, candidates must:
- Have at least five years of professional experience in information systems auditing, security, or control (experience waivers are available for certain education levels).
- Pass the CISA exam, which tests knowledge in:
- Information system auditing processes
- Governance and management of IT
- Information systems acquisition, development, and implementation
- IT security and risk management
- Adhere to ISACA’s Code of Professional Ethics and continuing education requirements.
Benefits of CISA Certification
- Validates expertise in IT auditing and cybersecurity risk management.
- Increases earning potential and career prospects in tech-driven industries.
- Essential for accountants working in IT compliance, cybersecurity, and digital forensics.
As businesses rely more on technology and data security, CISA-certified professionals are in high demand in corporations, government agencies, and consulting firms that require expertise in IT risk assessment and cybersecurity controls.
Certified Bank Auditor (CBA)
The Certified Bank Auditor (CBA) designation, offered by the Bank Administration Institute (BAI), is focused on professionals who audit financial institutions, ensuring compliance with banking laws, regulations, and risk management procedures.
Who Should Pursue the CBA Certification?
The CBA credential is best suited for auditors working in banks, credit unions, financial regulatory bodies, and financial consulting firms. It is particularly useful for accountants conducting internal and external bank audits to ensure compliance with financial regulations.
Requirements for CBA Certification
To earn the CBA designation, candidates must:
- Hold a bachelor’s degree in accounting, finance, or business.
- Pass the CBA exam, which covers:
- Banking operations and financial reporting
- Risk management and internal controls
- Regulatory compliance in banking
- Loan and deposit auditing procedures
- Meet work experience requirements in banking or financial auditing.
Benefits of CBA Certification
- Specialized credential for professionals in the banking sector.
- Enhances credibility for auditors working in regulatory compliance and risk management.
- Provides deep knowledge of banking laws and financial institution operations.
CBA-certified professionals play a crucial role in ensuring financial stability, detecting irregularities, and maintaining regulatory compliance in banking institutions.
Why Are Accounting Certifications Important?
Accounting certifications provide formal recognition of expertise in different areas of accounting, such as financial reporting, taxation, auditing, management accounting, and forensic accounting. Earning a certification can:
Enhance credibility: Certifications demonstrate proficiency and adherence to industry standards, making professionals more attractive to employers.
Increase earning potential: Certified accountants often earn higher salaries compared to their non-certified peers.
Expand career opportunities: Many employers prefer or require candidates to hold certifications for advanced positions and leadership roles.
Improve job security: Having a specialized certification can make accountants more valuable and resilient in the job market.
Ensure professional growth: Most certifications require continuing education, keeping professionals updated on the latest accounting standards, regulations, and industry trends.
Given these benefits, choosing the right certification depends on an individual’s career aspirations, industry specialization, and long-term professional goals.
Choosing the Right Accounting Certification
Selecting the right certification depends on your career goals, interests, and industry focus:
- If you want to work in public accounting, auditing, or taxation, the CPA is the best choice.
- If you are interested in corporate finance, management accounting, and strategic planning, the CMA is a strong option.
- If you are in investment banking or financial analysis, the CFA is highly regarded.
- If you prefer internal auditing and risk management, the CIA is ideal.
- If your focus is taxation, the EA provides specialized expertise.
- CGAP is ideal for professionals in government auditing and public financial oversight.
- CFE is perfect for those interested in forensic accounting and fraud investigation.
- CISA is valuable for accountants working in IT security, risk management, and cybersecurity auditing.
- CBA is best for auditors and compliance professionals in the banking sector.
Each certification offers unique benefits, and in some cases, professionals pursue multiple credentials to broaden their expertise and career opportunities.
Frequently Asked Questions
Which accounting certification is best for career growth?
The best accounting certification depends on your career goals—CPA is ideal for public accounting and auditing, CMA is great for management accounting, and CFA is best for investment finance. Each certification provides specialized knowledge and enhances job opportunities in its respective field.
Do I need an accounting certification to get a job in finance or accounting?
While it is possible to work in accounting or finance without a certification, obtaining credentials like CPA, CMA, or CFA can significantly improve job prospects, salaries, and career advancement. Many employers prefer or require certifications for higher-level positions and leadership roles.
How long does it take to earn an accounting certification?
The time required depends on the certification—CPA takes around 18-24 months**, **CMA can be completed in 6-12 months, and CFA typically takes 3-4 years to pass all levels. The timeline varies based on exam difficulty, study commitment, and work experience requirements**.
Can I pursue multiple accounting certifications?
Yes, many professionals obtain multiple certifications to expand their expertise and career opportunities, such as CPA + CMA for corporate finance or CFA + CPA for financial analysis and accounting. However, each certification requires **significant time, effort, and financial investment, so candidates should prioritize based on career goals.
Bottom Line
Earning an accounting certification is a valuable step toward advancing your career, increasing earning potential, and establishing yourself as a trusted financial expert. With various options available, choosing the right certification depends on your professional aspirations and industry specialization.
By obtaining a recognized credential, accountants can enhance their skills, remain competitive in the job market, and contribute to the financial integrity of businesses and organizations worldwide.
